My business coach emphasizes how my success shows up far more often when I think generously versus thinking stingy. Yet, I struggle with this concept daily.
Why? The human brain protects us.
The reptilian part of your human brain is responsible for the most basic survival functions, such as heart rate, breathing, body temperature.
It saves us from taking the wrong step off the curb and being struck by the motor vehicle that we did not see yet in the realm of money. It has the exact opposite results.
Do you think money is abundant?
Probably not, and that is the problem – that is stingy thinking.
You need to reset your thinking and think in abundance.
What is limited is the amount of time. Time is the enemy of abundance.
With the 2021 Winter Storm and American Rescue Plan (ARP), there are moving parts to tax return deadlines, stimulus payments, Unemployment compensation, and more changes that need your attention.
Additionally, the ARP added tax provisions to your 2020 tax return. That is right, a law that passed Congress and signed into law on March 11, 2021, has tax rules for your 2020 tax return.
If you live in Texas or Oklahoma, your deadline is June 15, 2021, for ALL tax returns and your First and Second quarter estimated tax payments.
The remainder of the United States has a May 15, 2021 deadline to file their 2020 income tax returns; however, if you pay estimated taxes, your first quarter estimated taxes are due April 15, 2021.
April 15 is only 48 days away; there is news you need to know about Income Taxes that will impact you today, tomorrow, and next year.
I am personally in a quandary about writing this blog. Humans are by nature prone to procrastinate until forced against a hard deadline. Read on to see both sides of the argument.
The 2020 Election
Thankfully at 4:05 on Tuesday, November 3, 2020, my 2020 election experience ended.
I went and voted.
No, I did not go vote early or stand in line for hours. Thankfully, all of you had previously voted, and when I arrived, there were twelve poll workers and one voter – me.
I say my election experience ended simply because my casting my vote was completing my part.
How about you? Did you vote?
The Mutual Fund Taxes are Coming
What Gains are in your Mutual Fund?
Tax frenzy may reach a fever pitch in April, but it is a mistake to only consider your tax bill around tax time.
I am from the IRS, and I am here to help you.
No, that is not the latest straight punch line immediately preceding when a cast member yells, “Live from New York, it’s Saturday Night!”
Keeping with the weirdness of 2020, we have four IRS activities that may impact you.
You may get an interest payment from the IRS
Last week’s blog “Timeout” was a lead to the coming weeks as being focused on how to make you “wealthier”. We interrupt the planned schedule to give you the latest change to your retirement, estate, and tax planning courtesy of Congress and President Trump. These changes are going to impact all of you in your planning and financial life.
As has become usual practice, Congress passed some meaningful tax legislation as it recessed for the holidays.
THE SECURE ACT
In one of the new meaningful laws, passed on December 19, you will find the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act).
The SECURE Act made many changes to how you save money for your retirement, how you use your money in retirement, and how you can better use your Section 529 plans.
Whether you are age 35 or age 75, these changes affect you.
Here are nine of the changes.